New tax law will affect most returns in 2018
Click below for a detailed summary of the new tax law. Here are the major changes that will affect the most people in 2018:
• There is no longer a personal exemption for individuals and dependents.
• The "Standard Deduction" has increased for Federal Returns: $12k single; $24k married - note that Arizona still has a standard deduction of $5k single and $10k married, so you might be better off taking the "Itemized Deduction" for your state return.
• A deduction for some itemized deductions has been completely repealed. This includes un-reimbursed employee work related expenses (dues, licenses, supplies, etc.), investment and accounting fees, moving expenses.
• Business income (from K1s and Schedule Cs) should qualify for a 20% "Qualified Business Income" deduction from taxable income. Note that the qualifying amount must be clearly identified on the K-1 from partnerships and s-corporations.
Please contact our office if you have questions on any of the 2018 changes.
Click here for a summary of the major changes
15th - Payroll deposits due for monthly depositors
20th - Sales tax due
15th – Fourth estimated tax payment due
31st – Quarterly reports due for fourth quarter
15th – Tax returns for Corporations and S-Corps due
15th – Individual & Partnership tax returns due
15th – First estimated tax payment due
30th – Quarterly reports due for first quarter
15th – Second estimated tax payment due
31st – Quarterly reports due for second quarter
15th – Third estimated tax payment due
31st – Quarterly reports due for third quarter
Beware of "IRS" Email & Phone Scams
The IRS never initiates contact via email, so please beware of emails that indicate they are from the IRS. Click here to see an email sent to Wes Watson from the "IRS" that is a scam. If you receive an email that indicates it sent was by the IRS and you are concerned about its validity, please do not click on anything in or attached to the email and feel free to contact us.
Also, we are aware of people getting phone calls claiming to be from an agent of the IRS and requesting immediate action on the part of the taxpayer. Again, the IRS never conducts business this way. You should never give personal information to anyone who initiates contact with you.
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